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What a sensible tax policy this is

North Sea oil producer Harbour Energy had its profits all but wiped out by windfall taxes as it warned it had cut investment and staff.

The company was hit with $2.4bn (£2bn) of taxes – including $1.5bn from the so-called Energy Profits Levy – on pre-tax profits of about the same figure, leaving it with a profit after tax of just $8m (£6.7m).

It came as revenues from gas nearly doubled to $2.3bn (£1.9bn) while crude oil income was up 27pc to $2.8bn (£2.4bn).

That’ll get people investing…….

11 thoughts on “What a sensible tax policy this is”

  1. Rishi sprays money around during Covid in much the same manner my farming neighbours spread slurry, and then to mitigate the damage he kills whatever golden goose he can lay his hands on.

  2. They know exactly what they’re doing.

    Imagine an effete, passive aggressive, xenophilic version of Sparta in which we are the Helots.

    That’s the plan.

  3. It is an accounting exercise. Force any company doing anything that was a medium to large carbon footprint to cease operations in the United Kingdom and move said operations abroad. The logic is that it lowers the carbon footprint in the UK (hence the accounting exercise) and they hope the company remains domiciled in the UK for tax purposes.

    The idea is to have a services based low carbon economy. Picture an hour glass. You want to be in the top half. That is were the people with jobs and high living standards are. The rest are in the bottom half shovelling the shit.

  4. Of course we’ll turn a blind eye to the two coal-powered stations in West Burton that were fired up this week to cope with the current cold snap.

  5. I wonder if the Isle of Mann and channel islands could make money by hosting base load power stations and sell the electricity to the UK mainland. Could be a money spinner.

  6. Just Stop Oil have won.
    They can stop their campaign now and move on to their next thing which will probably be Stop The Chop – calling for an end to new beef, lamb and pork production. Or summit.

  7. What? They were allowed to keep $8m but the rest of the profits were taken? The UK state is just a big shakedown. The forward forecast of the annual net cash requirement from markets to fund the state is now more than double the prior values pre-COVID. Seriously… £250bn a year up from peaks of half that.

    Looks like inflation is here to stay if they can’t stop spraying money at people from the money printers. Will the Bank of England allow it’s owner to blow up?

  8. Interesting that Truss was kicked out because of her silly economic and tax tactics but Hunt the Cunt has loadsa money for tax cuts. They won’t happen cos that might stimulate growth which would be a disaster. Far better to jack up Corporation tax and windfall taxes so we run to the EU.
    Hunt becomes an EU Commissioner and becomes a multimillionaire on a fantastic pension for the rest of his life.
    Fishi Rishi matches his Goldman Sachs mates and becomes a bauble of the EU.
    Job done.

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